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GENERAL Electric CEO Jeffrey Immelt was quick (perhaps too quick) this week to deny reports in this paper and on the Internet that he might sell or spin off his struggling NBC/Universal unit if its lackluster performance doesn’t show some turnaround in the next couple of years.

“That was more or less stupid drivel,” said Immelt at Studio 8H in Rockefeller Center Wednesday, at a meeting celebrating the elevation of Jeff Zucker as chief peacock of the media division.

Drivel, perhaps. But a close inspection of Immelt’s actions rather than his words reveals a nimble manager of the world’s greatest collection of businesses – a man who doesn’t mind shuffling his portfolio to suit the times.

In fact, in just the last few months alone, Immelt has shelled out nearly $15 billion for new acquisitions while at the same time announcing plans to jettison some of GE’s signature businesses, including plastics.

Is it any wonder that with a purported value of nearly $40 billion, there are suggestions Immelt would shed slow-growing NBC if he finds a better place to put GE’s money?

And why not? For all the negative ink generated by the unit, NBC/Universal remains a fairly insignificant part of GE’s overall profit picture, accounting for about 13 percent of its net income – and falling in recent years. If re-insurance, advanced materials and plastics didn’t make the cut under Immelt, why should NBC be spared?

In fact, while Immelt clearly needs to keep morale high at 30 Rock no matter the game plan, the sale of NBC might be just the tonic for GE’s moribund stock, which has been in the basement of Dow performers for years.

Yes, GE went out of its way this week to show that the peacock network is safely in its nest. Protests aside, a closer examination of the Immelt makeover of Mother GE suggest NBC may eventually fly the coop.

TERRY KEENANis anchor of Cashin’ In, an investing program that appears on Fox News Channel on Saturdays at 11:30 a.m. E-mail terry.keenan@foxnews.com.